TaxConnex

APRIL 28, 2022

In years past, auditors could show up at your door asking to look at your records. Now that’s much less common. Usually, you learn about an audit through a notice or letter from the state or jurisdiction in question with instructions on how the audit will proceed. Many audits are conducted remotely, and an auditor never visits your office. Audits remain an important tool for tax jurisdictions to evaluate the level, or lack thereof, of sales tax compliance within a business.

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audit auditor general ledger Minnesota 175

BurklandAssociates

APRIL 25, 2022

Your startup should raise Series A funding once you’re beyond the MVP stage, have a proven product-market fit, and are ready to accelerate growth. The post When Should My Startup Raise Series A Funding? appeared first on Burkland.

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Withum

APRIL 27, 2022

Many nonprofit organizations have limited resources and often the finance team also supports the general operations. The accounting system is the basis for reports that must be provided to grant agencies, prospective donors, lenders, its independent auditors, tax preparers, the Board of directors and management. . Frequently, while cash transactions are usually recorded timely, account balances are not analyzed, reconciliations are delayed, work papers that provide the details of account balance

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general ledger audit auditor accounting and finance 119

ThomsonReuters

APRIL 28, 2022

IRS Information Letter 2022-0005 (Feb. 25, 2022). Available at [link]. The IRS has released an information letter regarding the requirements for expenses to qualify as medical care under Code § 213. The letter responds to a request for guidance on when the cost of health and wellness coaching is medical care that can be reimbursed under health FSAs, HSAs, and other tax-favored accounts.

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TaxConnex

APRIL 26, 2022

Not paying attention to your sales tax obligations is never wise. True, it’s a relatively new requirement to collect sales and use tax from remote customers, but it’s one the taxman has always taken seriously from businesses – and that seriousness is only intensifying. It’s also mostly up to you to determine your sales tax obligation, and the rules for complying change frequently.

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audit Tax Sales Start-ups 172

CTP

APRIL 29, 2022

When tax professionals prepare a tax return, they are typically aiming for the return to be correct “beyond a reasonable doubt.” However, this is hardly a black-and-white matter. In the eyes of tax law, the reality is that almost nothing can be dubbed “always correct” or “always incorrect.” Rather, tax professionals must learn to navigate a world of gray.

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ThomsonReuters

APRIL 28, 2022

QUESTION: Our company has always shied away from providing advice to participants regarding their personal retirement planning. We are concerned, however, that employees may not have sufficient information and professional advice to make good retirement planning decisions, so we would like to start making retirement planning services available. If we do, will those services be taxable, adding to our cost and administrative burden?

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Anders CPA

APRIL 26, 2022

Owning rental real estate can be a great supplemental source of income in addition to a normal day job. What is most commonly misunderstood about this type of investment is how an individual can treat the income and or losses for tax purposes. Determining your level of involvement is key to the tax treatment of the income/losses that the real estate generates.

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income tax Real Estate Tax CPA 98

Snyder

APRIL 25, 2022

When you have a successful business , it’s important to be able to track and manage your physical goods, and inventory management will help you with that. Whether you’re just starting out or have been in the game for a while, good inventory management for small businesses will maximize your profits and minimize expenses. The goal of inventory management is to ensure that you have the products that your customers want and are able to deliver them without any trouble.

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Ryan Lazanis

APRIL 28, 2022

Reclaim your “me” time by increasing your productivity to decrease your workload. In this podcast episode, I shared an easy-to-follow 6-step routine so you can efficiently manage your time to finish important tasks. Listen below. 1:04 – One of the reasons why I read up a bit more on productivity was because I felt myself lacking a lot of focus. 1:32 – I use an app called Rescuetime which automatically tracks your computer usage. 1:55 – I spent a bit of time reflecti

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Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

ThomsonReuters

APRIL 26, 2022

Tax and accounting firms of all sizes need dependable systems and procedures to deliver the best value to their clients. Finding the right accounting software for your firm will keep business records organized, improve operational efficiency, identify areas for improvement, and help you manage growth over time. As technology changes the accounting world, it’s more important than ever to modernize operations and prioritize a technology roadmap for your firm’s future. 4 key steps to ev

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accounting software Technology Account accountant 98

Going Concern

APRIL 23, 2022

The last of the Big 4 to be ranked in the 2022 Fortune BCTWF and the one that took the biggest drop over the last year is the proudest and trustiest firm of them all, PwC. Fortune doesn’t reveal why a particular company fell so many spots in its ranking from one year to the next, so why the best public accounting firm to work at dropped 25 positions from 2021 to 2022 is anyone’s guess.

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public accounting Start-ups accounting firms Account 92

Withum

APRIL 27, 2022

The impact of TJCA resulted in widespread changes to the tax treatment of §174 Research and Experimentation (“R&E”) expenditures. §174 R&E expenditures are a highly regarded aspect of the Internal Revenue Code (“IRC”) for companies engaging in innovation. . For tax years starting before December 31, 2021, taxpayers had the option to directly expense or amortize no less than 60 months from when the taxpayer first begins to derive benefit from the R&E.

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Tax 88

AccountingDepartment

APRIL 28, 2022

Last week, AccountingDepartment.com Business Development Representative, Shawn Marcum, attended the Entrepreneurial Operating System (EOS) Conference in Orlando, Florida.

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Florida 83

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

Technology

ThomsonReuters

APRIL 29, 2022

The Certified Payroll Professional (CPP) exam is an advanced payroll professional certification offered by the American Payroll Association ( APA ). This 190 question test can be a benefit to both payroll professionals and their employers. The CPP allows payroll professionals to demonstrate their expertise and advancement in a company. CPP benefits. .

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Randal DeHart

APRIL 29, 2022

If you want your business to continue growing and thriving, you'll need to find ways to bring in new clients. Before the internet was commercially available, there were just as many experts advising contractors about the layout and design of yellow page ads and which books to spend money on. I say spend money because that is what it was and is now. Many of us who owned and operated construction companies spent thousands of dollars on these experts and, based on their recommendations, spent tens

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Construction 72

Withum

APRIL 29, 2022

Because the IRS is so backlogged these days, we have many clients that filed employee retention credit (ERC) claims more than six to eight months ago and still have not received the funds – for many clients, the claim is in the millions of dollars. This puts them in an awkward position because the IRS position is that once a taxpayer files a claim for the ERC, it must disallow the wages and health plan expenses giving rise to the ERC, effectively subjecting the ERC to taxation.

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AccountingDepartment

APRIL 26, 2022

Nearly every business can benefit from outsourced accounting services, regardless of their size or niche. Outsource your accounting services and you’ll reap myriad benefits ranging from reduced overhead costs to enhanced reliability, the expertise of an entire team of accounting specialists and so much more. In particular, outsourcing your accounting services is beneficial in that it reduces risk.

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CPA Practice

APRIL 28, 2022

Intuit's annual QuickBooks Connect conference is headed to Las Vegas, December 7-9, 2022/ The conference is geared toward the accountants, small businesses, ProAdvisors and partners who use QuickBooks.

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quickbooks Account accountant accounted 75

RitaKeller

APRIL 26, 2022

“Alone we can do so little; together we can do so much.” – Helen Keller. I have known Marc Rosenberg for decades. He is a good friend and colleague. We enjoyed so many enlightening years together in The New Horizon Group. And, I have known Kristen Rampe for many years and have recommended her to many of my clients and contacts. It makes me happy that these two have joined forces to create a new force in the CPA firm consulting world.

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cpa firm CPA 59

Going Concern

APRIL 28, 2022

First off, I want to thank those of you who reached out to us on Wednesday about Forvis being the new name of the combined BKD/DHG firm. I’ve been sick with COVID since early Wednesday morning and haven’t cracked open my laptop until now. I still feel like crap but OK enough to do this fun little exercise with you guys. So if you haven’t heard, the two firms decided to merge in February as equals; therefore, instead of one firm merging into the other, they would start from scratch as a brand-new

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accounting firms Account accountant accounted 52

Canopy Accounting

APRIL 29, 2022

There are a lot of compelling reasons to offer tax resolution services, but tax resolution can also get complicated, and that scares away a lot of tax professionals. Luckily, not all tax resolution is as complicated as a doubt as to liability Offer in Compromise or Trust Fund Recovery Penalty case. Penalty abatement cases are often very straightforward and still extremely valuable to clients.

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Tax 52

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Withum

APRIL 29, 2022

Mark Calnan , Principal and Leader of Withum’s Investigative and Corporate Intelligence Services, Peter Kim , Principal and Leader of Withum’s Bank Secrecy Act/Anti-Money Laundering Services and Jessica Hollobaugh , Partner and Market Leader, Forensics, Investigations, and White-Collar Criminal Defense were featured on Fox Rothschild’s Podcast Series: The Presumption of Innocence.

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CPA 52

CTP

APRIL 29, 2022

One of the many benefits of working with a tax professional is the guidance they provide in developing tax return positions that substantiate why certain income qualifies for tax-exemption or why you are eligible for a certain tax deduction. When tax professionals prepare a tax return, they are typically aiming for the return to be correct “beyond a reasonable doubt.

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tax preparation Tax tax return cpas 52

Going Concern

APRIL 29, 2022

New Deloitte report: working women face alarmingly high levels of burnout despite shifting work arrangements, rise in hybrid working [ PR Newswire ] Widespread burnout and lack of flexible work continues to hinder progress in supporting working women, according to the latest Deloitte report, “Women @ Work 2022: A Global Outlook” released today.

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auditor audit Account accountant 52

Wendy Tietz

APRIL 28, 2022

Looking for a quick data analytics exercise for financial statement analysis in an introductory accounting class? You can give your students the link for this financial statement analysis dashboard and then ask a series of questions. There is no software for students to install; the dashboard is hosted on Tableau Public and can be accessed […].

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financial statements Account accountant accounted 52

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Pooley Accounting Services

APRIL 28, 2022

Project accounting can be difficult to manage, especially if it includes tracking billable expenses on the go. When employees travel to a client’s location to install software or equipment, transportation and living expenses are billed to the client. While the client may not require documentation for every cup of coffee, the IRS does. Getting employees to document their expenses can be a struggle.

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quickbooks Expense Reimbursements Transportation bookkeeping services 52

Inform Accounting

APRIL 28, 2022

While the intention is to make a profit from letting out a property, this is not a given, and a landlord might instead realise a loss. Where this is the case, can the loss be utilised to save tax? Calculating the loss. Any loss arising from the property rental business is calculated in the same way as profits. Under the cash basis, the loss for the period will be the cash received by the property rental business less the cash paid out.

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tax planning tax return Tax Start-ups 52

Menzies

APRIL 28, 2022

Menzies LLP - A leading chartered accountancy firm. The recent Upper Tribunal (UT) decision in the case of Urenco Chemplants Limited & Anor v HMRC lends support for making capital allowances claims on functional items in the business that might on first analysis appear to be a building/structural item. The distinction between “building” and “plant” is important because qualifying plant and machinery can attract capital allowances as much as 130% under the current super-deduction regime whils

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chartered accountant Maine Tax accounting firms 52

Basis 365

APRIL 28, 2022

We are often approached by startups and existing small businesses with questions about what entity type they should be. Even when we are not asked, we often ask why they are the entity type they have chosen to make sure they have a reason. Choosing your entity type really crosses two disciplines, legal and tax. The legal side of your entity type relates to your legal protection or future equity expectations for the business.

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income tax tax return tax planning Legal 52

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"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.

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